On August 4, the State Oil Company of Azerbaijan (SOCAR), the French company "TotalEnergies" and the Abu Dhabi National Oil Company (ADNOC) signed an Agreement on the sale of a 30 percent stake in the "Absheron" gas condensate field.

According to SOCAR, ADNOC will acquire a 30 percent stake in the Absheron gas-condensate field after the purchase, while SOCAR and Total Energies will own 35 percent each.

Azerbaijani Economy Minister Mikayil Jabbarov said that the agreement will further strengthen the strategic relations between Azerbaijan and the United Arab Emirates and will make a valuable contribution to his country's position as a reliable natural gas supplier.

Along with the purchase, a Memorandum of Understanding was signed between SOCAR and ADNOC. The signed document envisages the participation of SOCAR in the upstream (digitalization of industry) projects implemented in Abu Dhabi and the provision of appropriate support by ADNOC in this direction. Within the framework of the memorandum, the parties will also explore potential cooperation directions in the field of renewable energy and low-carbon solutions, as well as investment opportunities in the oil and gas field in third countries agreed by both companies.

The "Absheron" gas-condensate field, located in the Azerbaijani sector of the Caspian Sea, approximately 100 kilometers southeast of Baku, is managed by JOCAP (Joint Operating Company of Absheron Petroleum). The first gas was produced from the field at the beginning of July this year.